You used to need at least $10m in investible assets to draw the attention of wealth managers at Goldman Sachs. Now, all it takes is $1,000 and a smartphone. The Wall Street firm recently unveiled Marcus Invest, a low-cost digital platform that allocates and automatically rebalances individuals’ wealth across portfolios of stocks and bonds based on the models developed by the firm’s investment-strategy committee.
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Goldman Sachs to offer its investing know-how to the masses
With Marcus Invest and a forthcoming Marcus checking account, “we get to the point where we can be someone’s primary banking relationship, meaning we can be the digital bank on your phone,” said Stephanie Cohen, who was promoted to global co-head of Goldman’s consumer and wealth-management division in September after a stint as the bank’s strategy chief.
